PANews reported on December 2 that Bitcoin mining company MARA Holdings, Inc. announced that, depending on market conditions and other factors, it intends to privately issue $700 million of 0.00% convertible senior notes (due 2031) to qualified institutional buyers. MARA also expects to grant initial purchasers of the notes an option to purchase additional notes totaling up to $105 million in principal amount within 13 days from the date of the initial issuance of the notes. This offering is subject to market and other conditions, and there is no guarantee that the offering will be completed, and if so, when or on what terms.
MARA expects to use the net proceeds of up to $50 million from the sale of notes to repurchase part of its existing convertible notes due in 2026 through privately negotiated transactions, with the remaining net proceeds to be used for purchasing more Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.
